Avis Budget (CAR) 10% Owner Pentwater Capital Sells Shares

What Happened
Pentwater Capital Management LP (a 10% owner; reporting also includes Matthew Halbower) disposed of multiple derivative securities tied to Avis Budget Group, Inc. (CAR) on April 23, 2026. The filing lists 30 separate sale transactions at various prices (from $24.08 up to $51.85) across several Pentwater funds, producing aggregate proceeds of approximately $33,433. The Form 4/A is an amendment that updates footnotes and is one of six split forms (this is form 5 of 6).

Key Details

• Transaction date: April 23, 2026. Prices ranged ~ $24.08 to $51.85 per unit. Total reported proceeds ≈ $33,433 across 30 disposals.
• Asset type: Derivative securities (reported as dispositions, footnote F8 notes "Exercisable at any time").
• Trades executed by various Pentwater funds (per footnotes): Oceana Master Fund Ltd.; Pentwater Credit Master Fund Ltd.; LMA SPC for MAP 98 Segregated Portfolio; Pentwater Equity Opportunities Master Fund Ltd.; Crown Managed Accounts SPC (Crown/PW SP); Pentwater Merger Arbitrage Master Fund Ltd. (F2–F7).
• Ownership after the transactions is not specified in the excerpt provided.
• Filing status: This is an amended Form 4/A (filed May 12, 2026) that restates footnotes; the disclosure notes the Form was split into multiple filings due to the 30-transaction limit. The reporting persons disclaim beneficial ownership except for any pecuniary interest and state they will voluntarily pay short-swing profits if required under Section 16(b).

Context

• These are institutional derivative disposals by a 10% holder (Pentwater), not executive insider stock sales. Institutional derivative trades can reflect portfolio rebalancing or option-related transactions rather than a manager’s personal view.
• Because the transactions involve derivatives (and footnote F8 indicates exercisability), they may reflect option exercises or sales of option positions rather than direct stock sales. The filing is amended to clarify fund-level details; avoid reading motives into the activity without additional information.